Why this name is on the tape
Applied Digital Corporation (NASDAQ: APLD) is a Dallas designer-builder of large AI data halls. The old book was crypto hosting in North Dakota. The live story is Polaris Forge and Delta Forge campuses leased to CoreWeave and an unnamed investment-grade hyperscaler. Hut 8, TeraWulf, and IREN sit on the same AI-load tape. Their campuses and clocks are different.
This article keeps energized megawatts and fiscal 2026 rent apart from 15-year take-or-pay leases whose first operations are still 2027–2028 targets. It is not a ranking of the stock and not a trade instruction.
What has actually printed
Applied Digital’s fiscal year ends 31 May. For the year ended 31 May 2026 the company reported $611.3 million of revenue, up 167%, and a GAAP net loss attributable to common stockholders of $249.2 million, or $0.91 a share. Fourth-quarter revenue was $258.7 million. HPC Hosting billed $203.0 million in Q4: $44.1 million of base rent, $152.4 million of tenant fit-out, $6.5 million of tenant recoveries. Fit-out is construction-adjacent services. It is not a second campus going live.
The first 100 MW hall at Polaris Forge 1 in Ellendale, North Dakota, became operational in October 2025. Phase 1 of Building 2 (75 MW) was ready for service on 30 June 2026, bringing live capacity at that campus to 175 MW. CoreWeave holds 400 MW under contract there. 175 MW live against 400 MW leased is the split.
The legacy Data Center Hosting line — crypto — printed $37.3 million in Q4 from a 106 MW Jamestown site and a 180 MW Ellendale site, both described as full. That is a different product from the AI Factory halls.
Contracted gigawatts are not energized gigawatts
As of 31 May 2026 the company said it had 1,410 MW of contracted critical IT load across five campuses, or about $36 billion of base-term lease revenue ($86 billion if every renewal is exercised). Polaris Forge 1, 2, and 3 sit in North Dakota. Delta Forge 1 is in Louisiana. Delta Forge 2 is in another southern state. Additional buildings at Polaris Forge 1, plus the other four campuses, were in various stages of construction.
- Polaris Forge 1: 400 MW leased to CoreWeave; 175 MW live as of 30 June 2026. Building 4 (150 MW) is a construction funding story, including $1.59 billion of 7.000% notes due 2031. An MOU would assign a building lease to a CoreWeave subsidiary if that subsidiary reaches investment-grade. An MOU is not an assignment.
- Polaris Forge 3 and Delta Forge 1: 300 MW take-or-pay leases with the same unnamed high investment-grade hyperscaler, about $7.5 billion of base-term revenue each. Initial operations pointed at calendar 2027 (Polaris Forge 3 around August 2027; Delta Forge 1 mid-2027).
- Delta Forge 2: 210 MW, about $5.2 billion base-term, initial operations pointed at Q1 2028.
What this does not tell you
A $611 million year and 175 MW live at Polaris Forge 1 are evidence that one CoreWeave campus is billing rent. They are not proof that the other 1.2 GW energizes on the 2027–2028 calendars, that $36 billion of contracted lease revenue is cash, or that tenant fit-out in Q4 is recurring rent. Crypto hosting at Jamestown and Ellendale is still on the income statement.
On MarketNeon, APLD is a ticker like any other: price, volume, crowd mentions, and headlines can run hot on a gigawatt lease while most of the load is still a construction calendar. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.